Google on Wednesday made a formal offer to 1,100 of its employees and early investors offering to buy back their shares and stock options. Google offered to refund what they paid for the shares, an average of less than $1, plus interest. In other words, these people — largely considered to be among the luckiest in Silicon Valley right now — could sell their shares and options to buy shares for a fraction of what they will probably be worth after Google’s initial public offering. Google has estimated that the offering price will be between $108 and $135 a share.